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I've just received my PAYE tax coding for 2017/2018 and apart from an obvious mistake in the loading for the dividend tax, there is a significant loading because it's claimed I'll be paying tax at the higher rate. The tax code has decreased ten fold.
Last year's coding was fine and there has been no declared increase in my income from MyCo. My OAP pension and one of my private pensions have increased slightly, with no increase in the second private pension. I'm not taking any income at present from a third private pension. I'm 70 BTW.
I was always under the impression that the dividend payment didn't contribute to your earnings total when taxation bands are concerned. This has been borne out historically. So is this just a mistake, or has there been some legislation change to include dividend payments as part of income for taxation purposes?
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IANTO
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